The news was not good for Alteryx (NYSE:AYX), who posted its earnings and discovered that investors weren’t at all happy. Worse, after Alteryx announced massive job cuts, it still wasn’t enough to turn things around. Alteryx stock dropped over 19% at the time of writing, a move that shows just how bad things got for the software maker.
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Alteryx posted earnings per share of -$0.19, above analysts’ expectations of -$0.26. The news only got worse from there. Alteryx generated $199.09 million in revenue, which fell short of the $200.07 million analysts expected. Nevertheless, this equated to a 26.1% improvement over this time last year.
Things only got worse when Alteryx offered guidance on the next quarter, as it looked for growth to be somewhere between 0% to 2%. This equates to a range of $180 million to $184 million, far below the $205.1 million estimated by analysts. That’s why the layoffs kicked in. Alteryx noted it would lay off 11% of its approximately 2,900-strong workforce, meaning about 320 people would find themselves out of work.
Regardless of this disaster, analysts are still clearly on Alteryx’s side. Analyst consensus calls Alteryx stock a Strong Buy, supported by 10 Buy ratings and three Holds. Plus, with an average price target of $67.69 per share, AYX offers investors 64.94% upside potential.
